Zhejiang shipyard gives up bulkers in favour of offshore

Shanghai: As Beijing has just issued a new guidance on offshore marine industry, China has further strengthened its determination in the development of the industry. Right after the issuance of the guidelines, Sino-European Shipbuilding Company (SES), a shipyard in Wenzhou, made clear its plans to quit bulker building and enter into the offshore business from next year.

Now SES sees offshore business as the main strategy and a big growth area of the company’s profit in the future.
“The profit of the bulker building business has dropped to 5% from 30%-40% in 2007, but there’s a lot of room to develop in the offshore sector,” said Shao Yongchang, deputy director of SES.

“Currently we have 11 orders on hand, 40% of them are involved in offshore engineering projects. We plan to keep increasing that proportion of business next year and will not receive bulker orders anymore,” said Sun Wenge, vice president and chief engineer of SES. [20/08/12]